MIPIM 2022 NEWS 2 by RX REAL ESTATE SHOWS

NEWS

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CUTTING THE RIBBON Former President François Hollande launched MIPIM 2022

BACK TO BUSINESS Highlights from all the Day 1 conferences, panels and talks

OPENING PARTY Delegates toasted the return of real estate’s leading event

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Making homes happen

We’re thinking differently about the housing market Join the conversation at the UK Pavilion. #MakingHomesHappen To understand the role Homes England plays in bringing Government and industry together join us in conversation at one of our sessions below. Leadership and Collaboration Harry Swales, Chief Investment Officer Wednesday 16 March 10:00am – 10:45am London Stand UK: Devolution, the levelling up agenda and housing first Peter Denton, Chief Executive Officer Wednesday 16 March 2:30pm – 3:30pm Foyer Balcon Debussy Housing First: The affordable challenge Harry Swales, Chief Investment Officer Wednesday 16 March 3:45pm – 4:30pm Agora Room

Scan the QR code to see our full programme of partner sessions, or visit www.gov.uk/homes-england and join the conversation.

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CONTENTS 5 NEWS Keynotes from François Hollande and Andy Poppink; COVID-killing technology; Solar to power 300,000 homes in Spain; Confidence in proptech grows; Demand for student living drives growth accross Europe; and more...

77 FEATURES ATTRACTING THE CROWDS Italy is becoming one of Europe’s smartest investment options

PROPERTY’S TROJAN HORSE Firms which own and manage smart buildings could be vulnerable

86 CONFERENCE PROGRAMME All the session details, expert speakers, conferences and events, to help you plan your time at MIPIM and make the most of the latest research, insights and debate

SPOTTED AT MIPIM Stand with Ukraine, an event in support of Ukraine, will take place today at 12.30 at P-1.G51, featuring speeches from the mayors of Vilnius, Poznan and Riga, and the CEO of Austrian firm Delta

THE MIPIM NEWSROOM IS LOCATED NEXT TO THE ACCREDITATION AREA IN PALAIS -1

NEWS

Wednesday 16 March 2022 www.mipim.com

DIRECTOR OF PUBLICATIONS Michel Filzi EDITORIAL DEPARTMENT Editor in Chief Isobel Lee Associate Editor Julian Newby Sub Editors Neil Churchman, Joanna Stephens Proof Reader Debbie Lincoln Reporters Adam Branson, Clive Bull, Ben Cooper, Mark Faithfull, Andy Fry, Liz Morrell, Nigel Willmott Editorial Management Boutique Editions Graphic Studio studioA Design Graphic Designers Harriet Palmer, Sunnie Newby Head of Photographers Yann Coatsaliou / 360 Media Photographers Eric Bonte, Frederic Dides, Patrick Frega, Phyrass Haidar, Olivier Houeix Management Boutique Editions PRODUCTION DEPARTMENT Publishing Director Martin Screpel Publishing Manager Amrane Lamiri Printer IAPCA, Le Muy (France). Advertising contact in Cannes Mylene Billon mylene.billon@rxglobal.com RX France, a French joint stock company with a capital of 90,000,000 euros, having its registered offices at 52 Quai de Dion Bouton 92800 Puteaux, France, registered with the Nanterre Trade and Companies Register under n°410 219 364 - VAT number: FR92 410 219 364. Contents © 2022, RX France Market Publications. Printed on PEFC certified paper All MIPIM print products are printed on paper from sustainably managed sources using printing processes that comply with the PEFC standard.

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Susse Schaumann (left), Patrice Noujaim, Carrie Cheung, Vinay Mistry and Kasia Cios of the London Business School enjoyed themselves

The MIPIM Opening Night Party brought delegates together after dark to network, relax and catch up with old and new contacts 1

Rishi Lodhia of Eagle Eye Networks, Brivo’s Steve Van Till, Rowan de Bruin from Mapiq and Mariam Rogers of Brivo got ready to network

Sonae Sierra’s Patricia Gross (left), Alexandre Pessegueiro, Daniel Santos and Joao Pedro Nunes checked out the party

Jean-Louis Coville (left), Armand Frenas, Marie Kersioman, Samy Benhamou and Gregoire Paviot from the Sorbonne Universite

Rebecca Pittlinger from the City of Munich (left), Invesco’s Doris Pittlinger and Marie-Theres Wimmer got in the party mood MIPIM NEWS 2 •

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Former French President François Hollande officially inaugurated MIPIM 2022 before a host of VIPs

MIPIM roared back in 2022 with famous faces, high-level summits, sporting prowess and awe-inspiring sessions creating that unique buzz

The 2022 Knight Frank Cycle to MIPIM calculated its carbon usage to benchmark the event and support year-on-year carbon reduction

The Political Leaders’ Summit at the Majestic hotel co-organised with Euro Cities, generated interest and debate

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Delegates filled the theatres and conference rooms at MIPIM to hear from the very best minds in real estate

The RE-Invest Summit brought together some of the world’ most powerful real estate leaders for a debate on the industry’s key themes

• MARCH 16, 2022

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These were the stands that made us stop and stare. Great content, intelligent debate and important meetings all made the first day of MIPIM 2022 unique

After officially inaugurating MIPIM 2022, French President François Hollande paid a visit to the Grand Paris pavilion to catch up with the latest developments in the French capital

Representing Wollonia, Christophe Nihon (left) and Monique Kallen showed off the lego model of their Lift-O-Loft project, a spectacular revamping of the former Piedboeuf Brewery in Liege

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Busy meetings on the Warsaw stand brought together the leading lights of the Polish capital and interested investors and developers

Barcelona Catalonia emphasised it was open for business with a buzzing booth and back-to-back discussions. Elsewhere, a special session highlighted opportunities in Madrid

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ADVERTORIAL

The growing risk of stranded assets Over the past ten years, the issue of “stranded assets” resulting from different risk factors has loomed large in the real estate industry. The 2015 Paris Agreement united countries in a collective goal to limit the global average temperature to below 2 °C above pre-industrial levels, and limit the temperature increase to 1.5 °C above pre-industrial levels. Therefore, a greater number of cities and countries are starting to make the changes necessary to meet legislative requirements, in order to achieve net zero carbon by 2050. The real estate industry is responsible for approximately 39% of energy-related CO2 emissions globally, making it a key target in global efforts to reduce carbon emissions.

How can this scenario impact your portfolio?

What are stranded assets?

New net zero carbon buildings are important in achieving the EU’s sustainability target but improving existing buildings should be the primary focus. Around 80% of the buildings built today will still be standing in 2050.

A stranded asset is an investment that loses its value prior to the end of its anticipated useful and economic life cycle because of the impact of various changes. Assets may become “stranded” due to their incompatibility with a low-carbon economy, as sustainability regulations, such as the SFDR or the European Taxonomy, become stricter. Factors that cause stranded assets also include falling clean technology costs and changes in consumer behaviour asking for better environmental performance. There is in fact a clear and growing demand for green buildings, both in transactions among investors and on the tenant market. More stakeholders realise that alignment with an effective ESG strategy is not just a question of safeguarding our future and ecosystems, but of avoiding financial risk and securing the value of real estate assets and investments.

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In the near future, investors and asset managers will find that buildings with particularly high CO2 emissions will lose so much value that it will no longer be possible to sell them on the commercial real estate market. Tools such as the CRREM (Carbon Risk Real Estate Monitor) have been developed to guide real estate actors towards a trajectory compatible with European objectives. However, if greenhouse gas (GHG) reduction and energy consumption targets are not met by the defined dates, the EU and national authorities will certainly tighten their policies, increasing the financial risk for investors who do not comply.

Managing assets exposed to this risk

Today, asset managers and owners can take various initiatives to reduce the current GHG emissions and energy consumption of individual assets or even their entire portfolio. Deepki’s SaaS data intelligence platform allows users to project and visualise pathways to predict their future ESG performance and thereby allocate their resources to the most efficient course of action. Are you interested in finding out how Deepki’s end-to-end ESG solutions can help protect your portfolio from risks such as brown discounting and stranded assets? Come and meet us at our stand (A8) in the United Grand Paris tent at MIPIM, 15th 18th March in Cannes.

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Canadian delegates shared ideas on the Delegation du Quebec – Grand Montreal stand. Pictured Joel Chareyron (back, left), Etienne Lapierre, Isabella Ward, Sabri Ben Abdallah, Jacques Gauthier and Rami Dimitri. Renee-Maude Lebrun (front, left) and Lynda Gagnon

You came, you talked, you did business. The Palais was thronging with delegates on Tuesday, delighted to be back at MIPIM 2

Delegates from Bauwerk Capital and Apollo Real Estate enjoyed the view from the Munich stand. Roderick Rauert (left), Christina Weidner, Sven Wenisch, Thilo Hecht, Christian Schulz and Alexander Saelzle

We caught up with Carmen Panadero of Wires (left), Santiago Herreros of Grupo Sociedad de Tasacion and Xana Muniz of Deepki exploring the Riviera

Representing Italy’s EmiliaRomagna region, Celeste Pacifico, Ruben Sacerdoti, Sara Maldina and Alvino Sabino were all smiles

Anja-Marie Ludwig (left) and Christin Hanser of Audax talked business with MIPIM-goers

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‘It is vital we respond to new ways of living’ A PACKED audience of MIPIM delegates heard former French President François Hollande deliver a wide-ranging keynote in which he explored some of the challenges facing the real estate sector. Top of the agenda, he said, was the war in Ukraine, “which is going to force everyone to change their business models and ways of thinking more quickly than expected. There will be difficult decisions regarding Russia.” Aside from the Ukraine conflict, Hollande focused his attention on the need for radical political reform to meet net-zero targets. With energy prices going through the roof, he said there will be a key challenge: “Reconciling the needs of the economy and ecology.” Building materials, insulation, logistics, mobility, urban regeneration and the configuration of future-facing homes were all addressed in his comments. “Responding to the climate challenge might take until the end of the century. But it is vital that we respond to new ways of living, adapting buildings so they suit the requirements of next-generation communities. We have to anticipate changes in lifestyle in terms of logistical and technology needs,” he said. Using France as an example, he said the country urgently needs to push ahead with house building, but he accepted there are obstacles. One is regulation, with public authorities often not adapting rules quickly enough to suit developers or to meet consumer demand. “There are reasons why they favour the status quo, but they do need to speed up decision-making,” he added. Part of the problem with meeting housing demand, Hollande said, is that mayors of small- to medium-sized towns often don’t want more inhabitants in their community — and thus oppose development. “It’s important in this situation not just to be building new houses, but also to introduce facilities and services that make it more attractive to live there,” he said. At the same time, he added, there is a crisis in large conurbations which are often “expensive, dangerous and inaccessible”. He outlined a vision in which cities are kept concentrated — to avoid too much urban sprawl and reduce excessive population reliance on mobility.

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VOTE FOR

WARSAW BREWERIES BEST MIXED-USE CATEGORY 2022

This quarter of the city is worthy of Warsaw by all means. And the way it changed in the blooming period and how it fell to the lowest depths in the post-war turmoil may amaze even lovers and experts of the city. For many years this part of Warsaw was an area almost entirely forgotten by the residents of Warsaw. Hidden from their eyes and as if absent from their consciousness. Today it has returned to its rightful place thanks to Warsaw Breweries, which once again filled the area with creative energy and joy of life. The past of this place came full circle because once again, you can drink beer brewed on-site, have a great meal, take care of yourself, and find respite from everyday life.

After many years, Warsaw has regained this part of its organism. Rebuilt, put to use, and sincerely dedicated to the residents and guests of our city, but first things first. The deep respect towards the past dictated that this place should be named Warsaw Breweries. In this way, we pay tribute to the land that hospitably welcomed a new, impressive in size and diverse part of the urban fabric.

From the best brewery in Europe... For years, Warsaw looked upon this place with pride. It was here, in 1846, that the Haberbusch and Schiele brewery was founded and quickly became the capital’s “promised land.” The brewery, the largest in the Kingdom of Poland and

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one of the most important on the brewing map of Europe, operated until World War II. It was an unquestionable icon of local entrepreneurship and a place that provided a better future for its employees and well-paid Warsaw residents.

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WARSAW BREWERIES – WHERE THE CITY HAPPENS World War II completely devastated this area. Skeletons of bombed tenement houses took away the beauty of this former pride of the city. The post-war fate of the site was of no concern to anyone. Fortunately, life abhors a vacuum.

...to a vibrant new urban space. Echo Investment spotted the potential in the devastated area of the former Warsaw Breweries. In this place, you could feel the city’s vibrant heart - it just needed to be woken up again. The great awakening and the most significant revitalization in the capital began three years after acquiring the plot in 2017. As complicated as it is beautiful, the neighborhood’s past inspired the architects and designers responsible for this concept revitalizing the city.

Fans of sweets may delight their eyes and palates with unique desserts, pralines, and handmade ice-creams, and if you crave stronger sensations, divine coffee, and fabulous cocktails, waiting for you here. The craft Warsaw Brewery builds a symbolic bridge between the past and the future of this place. Suppose you prefer to fulfill your potential in the kitchen and eat in. In that case, you can also find a specialized delicatessen in Warsaw Breweries, where you can buy the best ingredients – from here and from distant Asia. There are workshops and salons of recognized Warsaw artists at your service representing the guild of hairdressers and barbers.

The work on the project lasted seven years. Not surprisingly, its functionality and design have been well thought out. It is easy to find your way around Warsaw Breweries. However - considering the size and number of objects, squares, passages, paths, and levels - you can also successfully and intentionally get lost here, or at least hide from the boring everyday life. Even at the peak of industrial prosperity, it used to be a city area carefully guarded by janitors, unavailable to non-employees. Now, Warsaw Wola district has gained everyone a beautiful, open, and friendly place. The quarter has been filled with residential buildings, office buildings, city squares, and new streets.

And if you get tired of all the excitement or want to rest after the culinary feast, you can find plenty of open space represented by as many as five public squares. Here you can feast your eyes on various colors, structures, and textures of everything around you. The main promenade of Warsaw Breweries - Haberbuscha i Schielego Street - will stop your eyes thanks to the unusual post-industrial pipeline and urban graffiti that decorated the stairs leading to the former Storage House.

Yes, this new symbol of the flourishing of modern Warsaw can appeal to everyone. The revitalized buildings of the former brewery - the historic Malthouse, the Laboratory, Villa Schiele, and the 170-yearold cellars of Leżakownia - remind us of the former glory of this place. The streets and green squares of Warsaw Breweries smell of bread baked on-site, freshly ground coffee, and a woodfired grill. Carefully designed interiors tempt with an offer of delicious breakfasts and dishes from almost all corners of the world – you will find here over 40 restaurants! Here you can feed your senses with smells and flavors of Greek, Mediterranean, Adriatic, Asian, Spanish, and of course, our Polish cuisine at its best.

VOTE FOR

WARSAW BREWERIES

10.03.2022 11:47

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quarters, residential real estate and logistics, but also in increasingly flexible office properties or experience-oriented retail spaces. All forwardlooking product concepts are also flanked by unique ESG expertise.

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‘It’s hard to move with the times...’ JLL IS on a “long journey” to instil core principles into everything it does built around new socially-conscious ideas and proptech innovations, the head of the firm’s EMEA division has said. Speaking at a Fireside Chat session at MIPIM yesterday, Andy Poppink, CEO of JLL EMEA, said that the global firm had been early to adopt the potential of proptech and data-driven operations, establishing the JLL Spark brand in 2017. Since then, the concept has evolved into a mechanism for investing directly into third-party tech companies, rebranded as JLL Technologies. Poppink said that the adoption of a wide range of proptech tools and systems was already bearing fruit and leading the

‘I think we’ve collected 300 billion data points around the world’ Andy Poppink

company in new directions, including a move towards the total digitisation of the reams of real estate data it needs to operate globally. He said that JLL was “grounded in four pillars” of principle in all future projects and operations, backed up by new tech. “One is the digitisation of real estate. We’ve got so many data points out there, I think we’ve collected 300 billion data points around the world,” he said. Then “there’s the return to office. The third one is that data-driven insights will help lead to better outcomes. And then the fourth one is sustainability. We’re grounded in four pillars that are pretty consistent. We continue to come back and test those themes when we look at either investing or building something.” Poppink said that as an industry, real estate had been slower than others in adopting new digital technolog y and embracing change, which has led to a lag behind other areas of business. He added that there are a number of complex explanations for the relative slowness of the global property market in moving with the times, saying that there were “some good reasons and some challenging ones”. “It’s very difficult to do it in an industry like this,” he said.

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10.02.22 15:02

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Paris La Defense on mission to halve CO2 emissions by 2030 ICONIC French business district Paris La Defense has always been a real estate pioneer in terms of planning and architecture. But when the district measured its carbon footprint last year, its governing body realised that it was time to address sustainability matters more assiduously. “Paris La Defense has around 40,000 inhabitants, but displays the energ y consumption of a regional capital,” said Pierre-Yves Guice, CEO of Paris La Defense. “A third of the district’s carbon footprint comes from construction work and 15% from the operation of the buildings alone. Ver y big progress is to be made at all levels. Our goal is to halve greenhouse-gas emissions by 2030.” The days of La Defense only hosting offices is long gone, but Guice said that the district must reinforce its mixeduse credentials, while embarking on a journey to achieve a low-carbon ‘empreintes’, or footprint.

Paris La Defense’s Pierre-Yves Guice: “Very big progress is to be made at all levels”

Singapore Tourism unveils Jurong Lake District site THIS year’s MIPIM sees the launch of Singapore Tourism Board’s new site for sale in Jurong Lake District. The location is fit to host an “integrated worldclass lifestyle destination” at the citystate’s largest business district outside the city centre, according to Yap Chin Siang, deputy chief executive of Singapore Tourism Board. Located next to the new Singapore Science Centre and Jurong Lake Garden, with direct connection to the city via

subway, Yap said that the 6.8 ha site is set to become the “Jewel by the Lake” and form the heart of the leisure and tourism cluster at Jurong Lake District. Slated for completion in 2028, the development will consist of new attractions, a hotel, retail, F&B, entertainment and public spaces, offering visitors a mix of “escapism, enrichment and fun”, Yap said. The tourism development is envisioned to focus on technology, edutainment, sustainability and wellness and should

be designed to integrate meaningfully into the surroundings. Furthermore, Yap said that the concept should showcase “innovative experiences” across all offerings and be flexible to adapt to “evolving tourism trends”. Yap added: “Interested investors are invited to submit a proposal through a ‘request for proposal’ process. The Singapore Tourism Board can also help to facilitate and connect overseas investors with local partners or other like-minded investors to form a consortium to bid for the site. We are excited to meet interested developers and investors at MIPIM. We are also keen to learn and exchange views about the smart and sustainable principles and innovative technologies that could be incorporated into Singapore’s existing and future tourism developments.”

“ The district is home to many shops, housing and the Paris La Defense Arena, which is the largest performance hall in Europe. One of the objectives of empreintes is to reinforce this diversity by offering innovative residential programmes, cultural and sports venues, and spaces dedicated to urban logistics and any other activity that reinforces the diversity of the district,” he added. While the majority of the landlords in the district are already working hard on energ y saving , soft mobility and food-waste initiatives, Guice said they are planning to do more. At MIPIM, La Defense is launching a call for projects that combine multiple uses, while addressing environmental, social and governance (ESG) matters. “Our call for projects responds to two major challenges for the business district: to participate in the fight against global warming by developing environmentally virtuous real estate assets and to streng thening the district’s attractiveness by supporting new or under-represented use types,” Guice added. “ We look for ward to meeting deleg ates at our launch event today, which starts at16.30 in the Hi 5 Studio.”

Singapore Tourism Board calls for proposals for a new tourism development at Jurong Lake District

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Edge capitalises on opportunities for sustainability-led office design WELLBEING and sustainability-led developer Edge has teamed with Allianz Real Estate develop prime office assets in four of Germany’s top cities. The €1.3bn programme is in conjunction with Bayerische Versorgungskammer (BVK), Germany’s largest public-law

pension group. The move follows last month’s news that Macquarie Asset Management and Amsterdam-based Edge had agreed a strategic partnership on behalf of one of Macquarie’s managed funds, with Macquarie acquiring a significant minority stake in Edge.

Edge’s Coen van Oostrom

The programme will cover new developments as well as existing stock repositioned for predominantly office use, located in Berlin, Hamburg, Munich and Frankfurt. Edge founder and CEO Coen van Oostrom said: “We signed with Macquarie because we wanted to develop more, but we had major projects on our balance sheet, including two in excess of €1bn each.” He added that Edge was looking for opportunities in European cities, including Milan, Vienna, Stockholm, Paris and London. He expressed confidence that London would remain the central financial centre and expressed the desire to develop a pan-European portfolio. “We have confidence in the office market, but we are seeing now that employers want to entice rather than force workers back into the office,” he said. “With the global battle for labour, companies are viewing their offices as communications hubs. That means getting away from the ‘chicken-farm’ desk layout and creating places where staff can meet and communicate.”

Coyote hunting European clients PROPTECH firm Coyote is seeking to expand its reach across Europe, according to Johnnie Sims, the company’s chief customer officer. Coyote was founded in 2017 and most of its clients are based in the UK. However, attending MIPIM presents an opportunity to grow the business, Sims said: “We can meet all our clients in a single place, as well as prospects. We’re looking to expand our European reach this year, so having exposure to not just London clients is fantastic.” Sims added: “Our current customer base is predominantly UKheadquartered, albeit most of them have operations in Europe. We have a couple of US clients, so we have a small presence there. But what we want is to consolidate our position in the UK and then expand that reach across Europe.”

Multi set to roll out Chainels app FULL-SERVICE tenant app Chainels has signed a deal to roll out its technology to Multi Corporation after it ran a pilot of the technology last year. Under the agreement, the retail group will introduce the Chainels platform to

Chainels’ Sander Verseput (left) and Erwin Buckers

more than 35 of its assets across its European portfolio. Chainels is also widening its focus beyond its traditional retail and mixed-use customer base to include residential. “Investors are diversifying their portfolios and

are saying: ‘We are investing in residential so we want your app there too,” said Erin Buckers, CEO of Chainels. The app, which is available in more than 16 languages and can also be localised to any language, offers a one-stop solution for all the information needed to run a property, said Sander Verseput, chief operating officer and chief financial officer of Chainels. That may be seeing footfall or booking meeting rooms. Buckers said there were various benefits to using the app, the primary being cost savings. He added that companies such as Multi could gain cost savings of €1.1m for every one-million-square of space by using the Chainels app, which also helps to reduce plastic and paper workflows, and increase tenant retention.

Coyote’s Johnnie Sims

Coyote’s core purpose is to aggregate the data that companies already have but that is stored in various formats. “The problem that a lot of our clients have is that their data is siloed,” Sims said. “Introductions arrive by email or in a PDF brochure. Active deals are in a spreadsheet. Investment committee papers are in Word. So, no one has access to all of it. We bring all of that together.”

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Liverpool City Region: The UK’s Renewable Energy Coast with the power to deliver Net Zero by 2040 The Liverpool City Region has long been a pioneering location, reacting to global challenges and opportunities. It established the world’s first commercial wet dock in 1715, and in 1898 founded Liverpool School of Tropical Medicine (LSTM), the first institution in the world dedicated to research and teaching in the field of tropical medicine – massively influencing global trade and global health. When it comes to climate change, the City Region, led by the Mayor of Liverpool City Region Steve Rotheram, became the first in the UK to declare a climate change emergency back in 2019 and collectively committed to reaching Net Zero Carbon by 2040 - a decade ahead of the national target. And it is ideally situated to achieve this, harnessing the unique natural resources of its UK west-facing port location, together with an entrepreneurial spirit that innovates and reinvents to create a way forward to tackle the challenge. There is a £3bn+ pipeline of investment-ready innovation projects

to foster growth and investment across key growth sectors that are centred around co-creating new approaches, expanding successful innovation programmes, delivering transformational R&D projects, and radically increasing innovation impacts. With the implementation of a targeted investment programme in major capital investments and R&D, the City Region has become the UK’s renewable energy coast, building on existing strengths and natural assets. Offshore wind in Liverpool Bay has already helped to make the UK the largest producer of wind power in Europe, and production is set to triple by 2032 with expansion into two new fields.

The tidal range of the River Mersey and Liverpool Bay has given the Liverpool City Region the opportunity to create the Mersey Tidal Power Project. This low-carbon electricity generation project could create 5000 jobs, while producing enough energy to power a million homes. And it will be able to create clean, green, predictable power for more than a hundred years. The Liverpool City Region has a number of projects and assets to help reach Net Zero Carbon by 2040, which are: HyNet North West has committed a £72m investment in the Liverpool City Region towards transforming the region into one of the world’s first low carbon industrial clusters. The HyNet

KEY FACTS The largest concentration of off-shore wind farms in the UK, installed, maintained and managed from the City Region Major expansion into 2 new offshore fields for installation in the next 5 years, providing a further 3 GW of energy The UK’s most advanced Tidal Energy Scheme with the potential to deliver clean, predictable energy for the next 125 years. HyNet North West will produce hydrogen to replace fossil fuels in transport, industry and homes while also capturing and storing carbon dioxide produced by energy-intensive industry One of just two carbon capture, usage and storage schemes nationally to be selected for further development by government Glass Futures aligns global industry with world leading academics to eliminate CO2 from glass production in St Helens. A globally unique open-access R&D facility, it will bridge the gap between research and full commercial implementation of sustainable glass manufacturing LCR’s Hydrogen Economy Programme placing the region at the forefront of global hydrogen applications in transport and power The National Packaging Innovation Centre plans to double the current UK global sustainable packaging market by 2030

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Liverpool John Moores University is home to The Centre for Natural Product Discovery, investigating several key aspects of natural products and their pharmaceutical prospects. The Infection Innovation Consortium (iiCON) is a leading global centre for infectious disease R&D bringing together industry, academia, and the NHS in a collaborative effort. The Liverpool City Region is also home to the world’s first end-to-end response to pandemics through the global Pandemic Institute which has been set up to accelerate response to current and future pandemics, unifying intelligence and generating scientific excellence. Potential investors will join innovative leaders in biopharma, biotech and vaccines, such as Astra Zeneca, Seqirus, Bristol Myers Squibb, Pharmaron, TriRx, Teva and many others. They can accelerate discovery through data, data analytics and powerful computing with the help of key assets such as LSTM, Hartree Centre and the Centre for Genomic Research. To support digital manufacturing in vaccines, investors will reduce risk and cost by accessing a £15m funded programme aimed at accelerating the implementation of innovative physical and digital manufacturing technologies at the Digital Manufacturing Accelerator.

KEY INVESTMENT LOCATIONS The Liverpool City Region is part of the LiverpoolManchester life sciences corridor, which is one of the UK’s top biomedical clusters. At the heart of this is the Liverpool Knowledge Quarter in the City Centre - home to the Universities, NHS Trusts and research establishments. Biopharma manufacturing takes place across the City Region, with a concentration in South Liverpool. This is supported by other key innovation assets in the City Region including Sci-Tech Daresbury, the home of UKRI, STFC and the National Centre for Digital Innovation, and The Heath, a multi-occupancy business and science park in Halton. The City Region is served by Liverpool and Manchester airports covering 200+ global destinations. London is just 2 hours away by high speed rail. The Port of Liverpool provides deep water port with more services to and from the US than any other UK port. Liverpool City Region was awarded Freeport status in March 2021 which provides significant customs advantages for importers and exporters, alongside capital and other financial incentives for vaccine manufacturers.

COME & SEE US AT THE LIVERPOOL PAVILION C19.A FOR MORE INFORMATION AND GREAT OPPORTUNITIES IN LIVERPOOL CITY REGION CONTACT Alice.Lamb@growthplatform.org OR VISIT

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Time to strike a new balance between the home and office WORKING from home is here to stay, but there is still strong demand for best-in-class office space, the managing director of a private equity firm specialising in central London offices has said. James Edwards, of London-based investor and developer Evans Randall, said that the turmoil of the past two years has not diminished demand for high-quality office spaces in prime locations, “The office market going forward needs to work alongside the hybrid working model,” he said. “But our focus will be on creating those best-in-class assets which provide great space, all the amenities that people want, facilitate ideas generation and collaboration, places that people want to go. “You need to consider working from home. That and hybrid working are here to stay. It’s an accepted dynamic that’s come onto the market as a result of COVID. “But at the same time there’s still

Evans Randall’s James Edwards

strong demand for top-quality offices. That’s what you need to create. You create good product there’ll always be demand for it.” Evans Randall has completed over £9bn in transactions since its founding in 2004, and is currently waiting for a decision over an application for a significant new development in central London, in the midtown area. Planning approval on the Thavies Inn House project would clear the way for the construction of 9,290 sq m of new grade-A office space on the site, close to Holborn, Farringdon and Clerkenwell. The 10-storey building at Holborn Circus would also entail some ground-floor retail space in an area already home to a number of major office occupiers, including Goldman Sachs. While Evans Randall focuses primarily on office space in central London, the firm is also engaged in a major joint-venture project to develop an automotive technology park in the West Midlands region of the UK. Last summer the firm confirmed its commitment to develop the £500m (€592m) MIRA Technology Park project, in Nuneaton.

MIPIM debut for UK’s Central South region CENTRAL South, a region on the south coast of the UK, is at MIPIM for the first time this year. An hour from London, Central South describes itself the UK’s global gateway and boasts two international airports, at Southampton and Bournemouth, and Europe’s leading business airport at Farnborough. And there are direct sea-ferry connections from Portsmouth and Poole. Tim Hancock, chair of Regen South and chairman at Terence O’Rourke, is excited about putting the region on the international stage: “For Central South to come here for the first time is a great opportunity for us to showcase our region. We’ve got some

fantastic assets — national parks, the coast, a buoyant economy — and we’ve got some great development and regeneration opportunities in our cities and town centres including Southampton, Portsmouth and the UK’s newest city area of Bournemouth, Christchurch and Poole. “There are some pioneering projects in our region,” Hancock told MIPIM News, highlighting the Fawley Waterside scheme on the site of a former oil-fired power station on the western side of Southampton as an example. “It was used for filming things like Mission Impossible in the interim and it’s now being redeveloped as a sustainable maritime city.”

Central South’s Tim Hancock

Also in Southampton, the Mayflower Quarter is an 84-hectare scheme which will reconnect an area of prime waterfront with the city centre, utilising mixed-use development. “In Portsmouth, too, there are big plans for over a billion pounds’

worth of regeneration in the centre,” Hancock said. “And there are some major opportunities in the town centres of Bournemouth and Poole. The old power station site in Poole, for example, and also the Winter Gardens in Bournemouth’s central area.”

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Industry should ‘focus on basics’ as confidence in proptech grows PROPTECH’s ability to contribute some serious problem-solving to real estate is raising the technology investment imperative, according to Aaron Block, co-founder and managing partner of MetaProp. “It’s amazing to see the continued con-

vergence of traditional property and proptech,” he said. “The COVID-19 pandemic really accelerated technology as a core competency for many forward-thinking real estate industry leaders. I expect this convergence to accelerate in the coming months and

years and I am particularly excited to see the Propel content and attendees here at MIPIM 2022.” Yet while proptech is easing some key pain points, it can’t do it alone, Block said. “Proptech will continue to drive meaningful value to ESG-related ac-

MetaProp’s Aaron Block

tivities around the world — we’ve already seen it in categories like building energy monitoring and performance management. However, we cannot expect proptech to solve tough topics like energy independence and housing affordability on its own,” he said. Despite this, Block said that tech continued to surprise and delight. “The metaverse is fun,” he said. “Blockchain is certainly the future. The MetaProp team sees 200+ new startups every month and spends a lot of time on tomorrow’s cutting-edge innovations. “At the same time, I suggest that most proptech observers focus on the basics now. Let’s make construction and development more efficient through computer vision and robotics. Let’s make leasing properties faster and cheaper, as we’re doing with Floorfy, Occupier and Showdigs. Let’s use technology-first business models to improve maintenance and bring valuations and appraisals into the 21st century, as we do with Bowery and Aloft.” Today at the Propel Station in the Palais, at 17.15, Block and MetaProp present a deep dive into the firm’s 2021 Year-End Global PropTech Confidence Index, a barometer of the health of the real estate technology market from the perspective of investors and founders. The Index, produced in partnership with PwC, is the first and only set of data to be collected on global proptech market sentiment.

NavigatorCRE eyes growth in Europe US-BASED NavigatorCRE has established a UK office and is at MIPIM looking to grow its EMEA business, with a focus on Western and Central Europe, the company’s head of UK, Will Young, said. Designed as a commercial real estate navigation tool that allows investors, developers, operators and asset managers to have a clear and simple view of their key data, regardless of their IT platforms, NavigatorCRE has entered Europe as a result of demand from its enterprise companies. Attending his first MIPIM, Young said: “We have had great success with our corporate clients, who manage sig-

nificant real estate portfolios. But, of course, many of them also have investments and assets across the EMEA and wanted the same solutions for their international properties.” He added that a suite of options means that clients can “choose their own adventure” when it comes to how they set up their dashboards depending on which data sets they want to visualise and what they are using it for, which makes it suitable for all real estate asset types and also for managing land banks. “What our service offers is a way to both simplify data and to allow easy and quick interrogation,” he said.

Navigator CRE’s Will Young

In terms of portfolio size, Young said that the “real value of NavigatorCRE tends to be seen at 1 million sq ft [93,000 sq m] and up”, with the advantages even greater for larger estates of 1-10 million sq ft and above.

“We are really excited to be at MIPIM for the first time because the event attracts such a broad cross-section of the whole real estate industry and we want to see what the interest is like and get feedback from the major players,” Young said.

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Demand for student living drives growth across mainland Europe GERMANY, the Netherlands, Austria and the Nordics are the key focus markets for student-living specialist International Campus as the Berlin-based company looks to increase its portfolio to 10,000 beds by the end of this year, according to executive chair Rainer Nonnengaesser. The company, which is backed by

global investor Brookfield, deployed around €600m last year as it continued to build its student-living estate. It hopes to match that investment volume this year, targeting both new developments and existing buildings. “What we have seen over the past two years is that this is a very resil-

International Campus’ Rainer Nonnengaesser

ient market because young people will always need a place to live,” Nonnengaesser said. “Our approach is to look at this market for long-term holdings. It’s both a strong growth sector and a good market for those wishing to invest in a low-risk area.” Nonnengaesser said that, in continental Europe, the company typically develops modern student living with an emphasis on affordability. He also pointed out that ongoing travel restrictions to countries such as the US, Australia and China had encouraged more students on the Erasmus exchange programme to look at opportunities to live in other European countries. In terms of achieving economies of scale, Nonnengaesser said that, while the commonality across Europe was the demand from students for good quality accommodation, each country has its own nuances. “This means that a good local understanding of the market, lease structures and rules and the preferences of different nationalities are important,” he added.

Rely on data not ‘gut feeling’

Proda’s Peter Bredthauer

REAL estate is lagging behind other industries in adopting transformational data-driven technolog y, the founder of a London-based proptech firm has said. Peter Bredthauer, chief executive of real estate rent-roll data specialist Proda, said that the industry is “under pressure” to catch up with other sectors where tech has delivered huge operational changes and efficiencies. The benefits for real estate of adopting exponentially more efficient data-driven systems and AI to automate the rental-reporting cycle could be immense, he added. Bredthauer said: “There’s pressure to catch up, to provide this sort of insight and, if they are un-

derwriting a deal, to base that on data rather than gut feeling. We are competing with other asset classes, which are much more advanced than real estate.” Proda provides a tech system that it claims can transform the way landlords gather, collate and analyse rental information, and is capable of delivering efficiencies of up to 95% on traditional methods. The system that Bredthauer and his team have developed, which works by marrying up data in a number of different formats, is capable of serving clients in all real estate asset classes and in any language. Proda, which was founded in 2017, now has more than 50 clients in the real estate industry.

IntReal aiming for 10% of Luxembourg’s €100bn market INTREAL Luxembourg is making its MIPIM debut, having received its alternative investment fund manager (AIFM) licence in the country in 2021, and has set out ambitious targets. IntReal Germany currently has around €50bn of assets under management (AUM), while IntReal’s AUM currently stands at €1.5bn. However, Rudolf Koemen, IntReal Luxembourg’s conducting officer, portfolio management, said the plan is to grow the company’s AUM in Luxembourg substantially. “This year, our target is to have at least six new fund projects and some of them are already rolling,” he said. “Then, over time, we want to reach 10% of the assets of the group — that would be €5bn — and then we will grow further. The Luxembourg market is €100bn in size and, in time, I would hope we would have 10% of the market.” Koemen added: “We believe that we can bring the quality that we have from Germany to Luxembourg, and then it will be the gateway to the world.”

IntReal Luxembourg’s Rudolf Koemen

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‘Global uncertainty’ sharpening focus on supply-chain resilience FOR ARVI Luoma, Blackbrook Capital’s co-founder and CEO, this year’s MIPIM has a particular significance. The specialist real estate investor, which focuses on mission-critical supply-chain assets across Europe, launched just days before the pandemic took hold in 2020. “Fortunately, things have worked out well,” Luoma said. “It was a bit of a shock to launch the business and, a week later, everything locks down.” Luoma said the rapid evolution of the logistics sector is a trend that was always going to happen: “Something that was taking maybe five or 10 years happened in the space of 12 months. And the investment space did the same. The yield compression has been astronomical. Various real estate metrics, rent levels and so on

Blackbrook Capital’s Arvi Luoma

SFO sets its sights on more European assets LONDON-based real estate investor SFO Capital Partners has had a busy few months, acquiring a mix of assets in London, Paris, Dublin and Texas. Heading into MIPIM, CEO Mohamad Abouchalbak said the focus of SFO’s four-strong delegation would be on Europe. “It’s a great opportunity to meet with existing operating partners and connect with new ones,” he said. With $1.7bn (€1.55bn) in assets, SFO’s focus is on value creation, identifying properties where it can increase rent yields by transforming tenant experience. In mid2021, for example, it sold a property in Paris to Deka Immobilien that it had acquired just two years earlier in partnership with L’Etoile Properties. “In general, there are three main pillars to our strategy: residential,

upmarket office space and light industrial,” Abouchalbak said. Under the first heading, SFO made a recent investment in Dublin — “a market that we like a lot”, Abouchalbak added. “We also see the UK as a key growth opportunity.” In the office category, there have been recent targeted investments in the 9th arrondissement of Paris and the Farringdon area of London. “And we also see Germany’s top-seven cities as attractive,” Abouchalbak added. “The key is to find properties that can offer a great tenant experience close to transport hubs.” As for light industrial, SFO is looking “anywhere from southern UK to northern Italy”. Asked if SFO is looking further East, Abouchalbak said: “The emphasis is on Western

Europe because of liquidity and access to finance.” Abouchalbak is excited that MIPIM is back to pre-COVID levels, “because there is pent-up demand and a lot of liquidity waiting to be

have grown at rates no one expected in such a short period of time.” He also pointed to the resilience of supply chains: “That’s becoming ever more important due to global uncertainty. We’re seeing a lot of growth in terms of ensuring supply chains, making sure they are efficient, and making sure you have the best-placed real estate to be able to keep business and trade going.” Luoma said it is great to see people back together at MIPIM: “From a business context, it’s getting more conversations going and making sure we are on the radar as an active investor in the market. The core part of our strategy has seen a lot of tailwinds fuelled by what the pandemic initiated; people working from home and requiring more of their products at home, the development of e-commerce, and supply chains becoming increasingly critical in that sphere. So we are fortunate that it’s really worked in our favour in some ways but, equally, the market has become extremely competitive.”

deployed”. In terms of downside risks, he said supply-chain disruption could drive up construction costs. “We need to stay vigilant because we are in the value-add business,” he added.

SFO Capital Partners’ Mohamad Abouchalbak

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Aviva and Allianz set to develop two London prime office assets AVIVA Investors has formed a joint-venture partnership with Allianz as part of its ongoing mixeduse retail and office project in the City of London at 1 Liverpool Street and 101 Moorgate. The £500m (€595m) development sits at the heart of the Crossrail site in the City, bookending the eastern and western entrances of the Elizabeth line station. The new partnership, which follows on from an agreement between Aviva

Investors and Transport for London in 2019, will be managed by Allianz Real Estate. 1 Liverpool Street will provide 176,000 sq ft (16,351 sq m) of leasable office and retail space, spread over the ground and upper 10 floors. Occupying a prominent site in the City, 101 Moorgate will deliver 73,000 sq ft of office and retail space over its ground and six upper floors. James Stevens, head of real estate

investment at Aviva Investors, said: “We are really pleased to be partnering with Allianz Real Estate, a firm that shares both our investment philosophy and focus on sustainability. This joint investment will deliver an exceptional example of our development strategy in action. We have set stringent sustainability targets, aiming to lower ongoing energy needs through use of efficient materials and specific performance targets.”

Aviva and Allianz project, 1 Liverpool Street

Colliers’ new Lisbon office grows Iberian presence PROFESSIONAL services and investment management company Colliers has opened an office in Lisbon in response to greater client demand for crossborder transactions within Portugal and from neighbouring Spain. Chris McLernon, CEO for Colliers EMEA, said: “Portugal is an important market, both domestically and internationally.” In the coming months, capital markets, corporate finance and valuations specialists will join Colliers Portugal to form a joint team with Colliers Spain, under a strategic umbrella of services for the Iberian market. Pedro Valente has been appointed as managing director of the Lisbon office, joining Colliers from WORX Real Estate Consultants, where he focused on the offices, retail, tourism and hospitality, along with industrial and logistics assets, and distressed sales. McLernon added: “This is another strategic appointment for Colliers in Europe, on the heels of our expansion in Italy.”

Europe’s office market on the rise THE EUROPEAN office market experienced a marked recovery in 2021, despite the ongoing disruption caused by COVID-19, according to BNP Paribas Real Estate. The company said 8.5 million sq m of office space was taken up in Europe’s 18 main markets over the course of the year, representing an increase of 27% compared to 2020. The start of the year was quieter than expected, it said, due to recurring waves of

COVID-19. However, office takeup started to recover in the second quarter and showed continuous improvement throughout the rest of the year, with signs of normalisation in the third and fourth quarters. “Even though the pre-COVID levels have not been reached over the whole of 2021, take-up reached 2.95 million sq m during the fourth quarter, which is in line with pre-COVID usual volumes,” said Richard Malle,

deputy head of business services at BNP Paribas Real Estate. “The office market is on the road to recovery. That’s why values are set to rise in sought-after locations in Europe.” Investment levels returned to pre-COVID levels, with €272.7bn invested in Europe across all asset classes over the year, according to the company. Vacancy rates in the European office market also stabilised towards the end of last year.

Colliers’ Pedro Valente

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Publi-rédactionnel The international law ﬁrm for all your real estate transactions

AVOCAT EN DROIT IMMOBILIER, MAIS PAS SEULEMENT! Vous envisagez de réaliser une transaction immobilière et vous souhaitez le faire en toute sécurité. L'accompagnement par un avocat expert en droit immobilier vous permettra de bénéficier de ses conseils pour réaliser un choix éclairé , une assurance quant à une rédaction adaptée des actes juridiques ou contrats nécessaires à la réalisation de l'opération envisagée et enfin, d'une défense aguerrie en cas de contentieux. I. L'AVOCAT GARANT DE LA SECURITE JURIDIQUE ET DES INTERETS DE SON CLIENT : De par son expertise en droit immobilier, L'avocat veillera en effet à mener les transactions à leur terme en s'assurant de la protection des intérêts de son client. Or, la rédaction des différents contrats est une étape cruciale, les transactions immobilières reposant sur des mécanismes juridiques souvent très complexes. L'avocat saura notamment adapter les différents contrats afin de protéger au mieux les intérêts de son client, en stipulant par exemple des conditions suspensives impératives pour la réalisation de la vente. L'avocat dispose ainsi d'une expertise lui permettant d'éviter toutes les difficultés liées à une éventuelle mauvaise interprétation du contrat ou de ses clauses, le but étant d'éviter tout contentieux, perte de temps pour l'acheteur et frein à ses investissements. Le client sera assuré que la transaction se déroule dans le respect du cadre légal et réglementaire, parfois complexe à appréhender dans le cas de transactions immobilières d'envergure. A fortiori, l'émergence d'un secteur immobilier mondial entrainant la complexification des transactions immobilières rend l'accompagnement par un avocat d'autant plus indispensable.

While real estate law may be complex and transactions are impacted by regulatory changes and multiple players, Lexlor acts alongside you to develop the effective strategies to secure your new real estate transactions. Our clients benefit from our large Edmond Verdier experience in orchestrating sophisticated and complexAvocat à la cour-Associé transactions, by facilitating negotiations, navigating legal and regulatory issues and, when necessary, litigating on their behalf.

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Sylvie Djuric Edmond Verdier Managing Partner Avocat à la cour-Associée

Sylvie Djuric Partner

exlor is an international law firm known for And that’s exactly what Lexlor law firm brings its well fitted expertise in all legal, tax and to you. Our real estate team is composed of experienced lawyers who offer you the ability real estate issues founded by two attorneys, experts in real estate transactions. to manage a wide range of sophisticated and Our vast experience allows us to effectively complex real estate transactions and provide identify, manage risks and develop effective an additional insight when a complex situation strategies in order to offer our clients a or legal questions arise. Our full range of services meets your specific needs, at each tailored advice with a global perspective. L'avocat offre également un L'avocat mandataire transaction In order to turn your real estate investment stage of the en transaction, from negotiation, a profitable asset, are an acquisition, to management. No matter where accompagnement into fiscal à whether you immobilière est donc un avocat investor, lender, landowner, tenant, buyer or you are located in today’s real estate market, l'acquéreur, en le conseillant pourconsider les a real estatecomme secures themais way to your transaction. seller, you might lawyer lesLexlorautres, il next met to guide you through the legal process.

montages et optimisations possibles adaptés à ses attentes. Enfin, l'expertise juridique permet à l'avocat également d'intervenir pour optimiser fiscalement la transmission des biens immobiliers de l'acquéreur à toute personne de son choix.

II. L'AVOCAT MANDATAIRE EN TRANSACTION IMMOBILIÈRE : Pour illustrer brièvement cette nouvelle activité des avocats, l'avocat se retrouve entre le notaire et l'agent immobilier, à intervenir sur tous les aspects juridiques de la transaction, d'un cote, et à réaliser la recherche de cocontractant pour la transaction souhaitée par son client de l'autre. En effet, en dispensant l'accompagnement juridique nécessaire, l'avocat communique sur le bien concerné, le présente aux potentiels acquéreurs intéressés et intervient aux cotés de son client dans la phase de négociation.

également à votre disposition sa deuxième casquette en exerçant un pour exécuter We will bemandat happy to meet you at MIPIM 2022 vos projets and discuss how we can assist you further immobiliers que ce soit à l'achat ou à Visit us at : R7.C25 la vente. En guise de conclusion, nous soulignons que l'immobilier est devenu un investissement attrayant à long terme pour les investisseurs en quête de rendements stables dans une économie incertaine avec un droit immobilier de plus en plus international. Toutefois, pour que votre investissement immobilier soit un véritable atout, il convient de connaître les nombreuses stratégies juridiques et fiscales existantes, et c'est précisément ce que vous apporte le cabinet d'avocats LEXLOR.

Qui sommes-nous? Lexlor est un cabinet d'avocats d'affaires qui concentre son activité sur le droit fiscal et de l'immobilier, et dont les associés fondateurs sont mandataires en transactions immobilières. Nos avocats sont tous dotés d'une expertise dans le secteur de l'immobilier en France grâce à un réseau international. En conséquence, ils sauront répondre à vos besoins et vous fournir l'éclairage juridique et fiscal nécessaire pour mener à bien vos transactions immobilières.

Rencontrez notre équipe au MIPIM 2022 et découvrez nos services. Rendez-nous au stand : R7.C25

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Patrizia thinks big for Hamburg micro-apartments development INVESTMENT manager Patrizia has acquired a residential turnkey development opportunity in Hamburg , Germany, from residential developer Instone Real Estate in an off-market deal.

Patrizia at MIPIM

The asset, known as Urban Isle Campus, is scheduled for completion in Q3 2024 and is aimed at students and young professionals. It will provide around 10,100 sq m of residential rental space across 469 fully furnished micro-apartments, with an average size of 23 sq m. Planned amenities include a rooftop terrace with an outdoor kitchen and study rooms, as well as table football and a billard table. The finished property will also have approximately 1,400 sq m of commercial space, most of which has already been taken up. In addition to boasting high environmental standards, Patrizia said the building will provide rental space to the local volunteer fire brigade, as well as 22 apartments for Lebenshilfe, a German charity that helps people with disabilities lead inde-

pendent lives. Nathalie Winkelmann, head of fund management, residential, at Patrizia, said: “This transaction has allowed us to acquire a high-quality residential property with a future-proof concept that taps into the demand from students and young professionals for micro living accommodation with excellent transport connectivity.” Christoph Langmack, head of acquisitions, residential, at Patrizia, added: “Urban Isle Campus’ strong ESG credentials align with our own ambitions, as well as those of our investors, to deliver real estate that is socially and environmentally conscious. Within the past 12 months, two other development projects have been signed with Instone and we are excited to be working with them on this latest project.”

Genesta set for Swedish renewal NORDIC-focused fund and investment manager Genesta has acquired office property Mullvadsberget 29, located at Hornsgatan 122-130 in the Swedish capital, Stockholm. The 10,300 sq m building will be transformed into a modern and sustainable property to suit future demand from tenants. The acquisition is on behalf of

Genesta’s fund GNRE Fund III and the seller is Stockholmshem. David Neil, CEO of Genesta, said: “The renewal will have a positive effect on the local area. The five houses will be transformed into their own lively neighbourhood with public activities at street level. The office premises will offer all the functions that the modern company wants.

It will be a long-awaited meeting place for Stockholm’s creative industries.” Mullvadsberget 29 is strategically located close to public transport and will be upgraded from an environmental point of view. “With Mullvadsberget 29, we continue to turn brown buildings into green properties,” Neil said.

KGAL acquires key property in heart of Prague INDEPENDENT investment and asset manager KGAL has acquired the Charles Square Center in Prague, on behalf of a panEuropean fund. A major city-centre property with 20,000 sq m of leasable space, the site includes offices, retail, restaurants and healthcare space. The seller was Commerz Real (CR). Charles Square Center counts Cisco, Dior, Raiffeisenbank and Commerzbank among its tenants. Andre Zucker, managing director and head of real estate of KGAL Investment Management, said: “This is our second real estate investment in Prague. The city has developed into a sought-after location for corporations. The broad tenant diversification was a deciding factor for this acquisition.” Charles Square Center had been in the portfolio of CR’s hausInvest fund since 2007. “Following a successful repositioning and full leasing we have attained a very good result for our investors,” hausInvest fund manager, Mario Schuttauf, said.

KGAL’s Charles Square Center acquisition

Part of Genesta’s new office development at Hornsgatan

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ICP signs Leeds campus deal in boost for green-office strategy

White Rose Park

IMMOBEL Capital Partners (ICP) has signed a sale and purchase agreement to acquire 50% of green office campus White Rose Park from OIRP Investment 10, part of Orion Capital Managers. The Leeds-based park will form a key plank in ICP’s Green Office Strategy All told, White Rose Park is a 28-

acre green office campus providing a lettable area of over 46,000 sq m across nine buildings. It is currently 98% let to blue-chip organisations including DAZN, HSBC, Capita and Telefonica. Leeds is one of the UK’s fastest-growing cities. The off-market transaction is the first investment for the newly

launched Immobel Capital Partners. Going forward, ICP’s strategy will see it invest in and create a new generation of green offices in leading European cities which have clear demand for next-gen workplaces. The sites targeted by ICP are expected to deliver above-average growth as they benefit from trends such as urbanisation, changing demographics and ongoing technological evolution. The White Rose investment values the park at circa £110m (€131m), representing a net initial yield of around 6.75% and will be held in a joint venture with Munroe K. On sustainability, Duncan Owen, CEO Immobel Capital Partners, said: “The use of sustainable materials, extensive electric car-charging points, PV cells and 100% on-site renewable energy help the positive ESG impact, meaning our goal to be fully operationally carbon neutral by 2030 is within our grasp.”

Joint venture speeds British Land plan INVESTOR and pension fund AustralianSuper has acquired a 50% stake in British Land’s Canada Water project for €347m (£290m) in a move that the partners hope will accelerate the delivery of the development. The joint venture has committed £201m, split equally between the two partners, to develop the first phase of

the project’s masterplan, which is expected to complete in Q3 2024. Simon Carter, CEO at British Land, said: “We are delighted to be working with AustralianSuper on this exciting development to deliver a new urban centre for London at Canada Water. “The investment by AustralianSuper, who have extensive experience invest-

ing in major regeneration schemes, is testament to the strength of British Land’s reputation and best in class development and operational platform. This new partnership enables us to move faster, delivering new homes and workspace, creating new opportunities for local people and delivering value for our shareholders.”

British Land’s Canada Water project

Societe Generale Maroc banking on ArtBuild and O+C A CONSORTIUM led by ArtBuild Architects and Oualalou+Choi (O+C) has been chosen to design the new headquarters for Societe Generale Maroc in Casablanca. The 29,700 sq m, 10-storey building will house the bank’s offices, as well as a

Societe Generale Maroc’s new HQ in Casablanca

conference centre. According to the consortium, it will also represent current best practice in terms of environmental sustainability. It said that the building will include a range of spaces to support different types of work, including informal meeting areas and spaces that support individual concentration. In addition, the design incorporates generous use of natural materials, water features and planting in order to enhance user experience. “Adding plant life to the premises and using natural materials will create a headquarters designed to engender wellbeing at work,” the consortium said in a statement.

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15th - 16th March 2022 Cannes, France | Salon Croisette LEADING THE UK TO A SUSTAINABLE FUTURE Tuesday 15th - Day 1 09:30 – 09:40 Welcome 09:40 – 10:10 Panel: The UK life sciences vision: Innovation opportunities 10:45 – 11:15 Panel: The future of the office: Is remote work a threat to office space? 11:30 – 12:00 Talk: Data-smart decisions: How EG informs investment decisions 14.00 – 14.30 Panel: Building lasting income streams through BTR

Wednesday - Day 2 09:00 – 09:15 Welcome 09:15 – 10:15 Panel: On the outside looking in: International investment on the value UK cities 10:45 – 11:15 Panel: Keeping big brands in big cities 11:45 – 12:15 Panel: Does levelling up risk levelling down London? 14.00 – 14.30 Panel: ESG as a value driver

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Community regeneration and netzero now core to stadium design UK-BASED international design firm Populous is working on a host of stadia and arena projects around the world, with net-zero carbon and wider community regeneration at the core of its work. From ongoing work around Tottenham Hotspur’s stadium in north London to the huge regeneration plans based on the reconstruction of the San Siro in Milan, Populous principal and managing director David Land said that the wider benefits of stadiums and arena developments had become crucial to its remit.

In October, Populous completed the Climate Pledge Arena in Seattle, US, which became the first net-zero carbon arena in the world. Meanwhile, in Manchester, UK, it is helping to develop the Co-op Live arena, which is being designed to support the city’s zero-carbon 2038 commitments. “What many of these projects have in common is the desire to create something far beyond the stadium or arena,” Land said, adding : “Our teams are looking at masterplans that help regenerate areas and bring a far wider range

of benefits to the community.” Populous, which recently opened a Paris office, is currently working on the redevelopment of Strasbourg’s Stade de la Meinau. Land said that France and Italy — where it opened a Milan office last year — are the current focus of expansion. However, the company is also looking to build on its projects in Saudi Arabia to grow in the Middle East. This will include an expansion of its design and build arm — which has already been operating strongly in the US — into the EMEA markets.

Milan’s new Cathedral stadium will lie at the heart of the San Siro regeneration project

Newcastle just gets smarter and smarter

Newcastle City Council’s Pam Smith:“a real spirit of innovation”

NEWCASTLE City Council’s new chief executive Pam Smith is in Cannes at the head of a delegation to showcase opportunities in the north-east of England. “Newcastle and the north-east are uniquely positioned,” Smith said. “We share a border with Scotland, we look out on to the Nordic countries, we are seeing a rapid growth in digital and we’ve been named the smartest city in the UK.” Key projects being highlighted at MIPIM include the regeneration of Newcastle city centre and the new convention centre at Gates-

head Quays, due to open next year. “I’m really excited to be the new chief executive,” Smith said. “Newcastle has a real spirit of innovation, with a rich history of innovating around ship building and building connectivity, and that is continuing. We’ve attracted some really interesting companies.” Japanese digital consultancy Monstarlab has moved into the city centre, and cyber-security specialist Arctic Wolf is also establishing its EMEA headquarters in Newcastle. “We are a microcosm of the UK,” Smith said. “We are a test bed for lots of things. We’ve got a coast, a fantastic river, fantastic countryside and a regional city, so we are the perfect place to try things out.”

Ility shares it’s digital vision with the world NEW YORK-based proptech startup ility is at MIPIM to sell its vision of a digitised industry to the world. “How fast can a startup scale?” asked CEO Marcus Moufarrige, who founded ility in 2019. “We’ve spoken to landlords in the Netherlands, in Germany, in Tokyo and Singapore. We’re already in Australia and have a lot of interest coming out of there right now.” Rather than focusing on a single function, such as booking meeting rooms, ility seeks to digitise every element of the interaction between buildings and human beings — something that Moufarrige clearly believes provides a unique selling point. “I don’t think that landlords understand that they need a distribution framework,” he said. “If property wants to digitise, it’s not about bolting on flexibility or data or amenities. It’s about going back and looking at the overall product and saying: ‘How do we repackage this for a digital world?’.”

Ility’s Marcus Moufarrige

MIPIM NEWS 2 • 43 • MARCH 16, 2022

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Warsaw Hub sale sets record for Poland’s largest office deal DEVELOPER Ghelamco has sold key elements of The Warsaw Hub office complex to Google Poland in a transaction valued at approximately €583m. Ghelamco and Google announced a preliminary agreement on March 7 and completed the deal a few days later. Included in the transaction are two office towers, retail areas and service passages, as well as the underground section of the complex. The largest single office transaction in the history of the Polish market, the deal serves as a strong indication of the strength of the Polish office investment market. The Warsaw Hub is a multifunctional skyscraper complex that consists of three buildings: an 86-metre-high hotel building and two 130-metre-high office towers connected by a common five-storey podium. Alongside Google Poland, the complex’s tenants include Standard Chartered and Oracle. The Crowne Plaza and Holiday Inn Express hotels, which continue to be run by Ghelamco,

are situated in one of the towers. The building is environmentally friendly and is also certified as a ‘Building without Barriers’, con-

firming that it offers full accessibility to all users, including people with disabilities, parents with children and the elderly.

Ghelamco doing business in Cannes

DWS buys Frankfurt’s Marienturm

The Marienturm office tower in Frankfurt

A FUND affiliated to Aermont Capital has sold the Marienturm office tower in Frankfurt, Germany, to an entity managed by DWS Real Estate. Marienturm, which comprises more than 45,000 sq m of grade-A office space across 38 floors, is located in Frankfurt’s banking district. It was awarded LEED platinum certification in February 2020, with specific recognition for energy and water efficiency. It is home to several leading global financial institutions, including Goldman Sachs, Bank of America and Mastercard. Henning Richter, managing director of Aermont Capital, said: “The calibre of tenants attracted to Marienturm demonstrates the strong de-

mand for high-quality office space in prime locations that meets the highest sustainability standards. This exceptional combination ensures Marienturm will remain one of Frankfurt’s landmarks for the long term. We are delighted that Marienturm will be in great hands with DWS.” Oliver Hein, head of transactions at DWS Real Estate, added: “The acquisition of the Marienturm in Frankfurt reflects our strong European investment heritage and our ability to deploy capital effectively. The Marienturm combines all the quality features that characterise a long-term, attractive investment.” The financial details of the transaction have not been disclosed.

Newsec bolsters Baltic presence with acquisition of BPT BPT REAL Estate, one of the largest property management companies in the Baltics, has been acquired by Newsec from private equity fund manager Baltcap. BPT owns property management companies in Lithuania, Latvia and Estonia, and has a controlling stake in Projector, which provides construction management and supervision services. Ugnius Meidus, CEO of Newsec in the Baltics, said the move is a strategic step by the Newsec group to strengthen its presence in all three Baltic markets and significantly bolster its position as a regional property manager and construction management expert. “After this deal, Newsec will have more than 84 commercial real estate properties under management in the Baltic countries, with a total area of 880,000 sq m, and a team of 74 professionals handling the management of commercial properties,” he said. Patrik Attemark, CEO of Newsec Group, added: “The strategy we have followed for many years of steadily strengthening our position through a combination of organic growth and targeted acquisitions has paid off. The Newsec Group is the leader in the Baltics and Northern Europe in terms of the size of its portfolio of property under management, which has a value of €65bn and a total area of more than 46 million sq m.”

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Social value is crucial if properties are to achieve a relevant future THE ROLE of social value will become increasingly important for investors in the future, according to Abigail Dean, managing director, head of strategic insights for Nuveen Real Estate.

Nuveen’s Abigail Dean

“We have seen, in the last couple of years, a rise in the emphasis of landlords on developing social value,” she said. “When you look at the next five years putting social focus at the heart of investments will be a real focus for us.” As well as being the right thing to do, such a strategy helps to avoid properties becoming irrelevant, Dean said. “If you are able to invest in real estate that is genuinely meeting local needs then you are less likely to become obsolete,” she added. Nuveen is also focusing on the role of sustainability after releasing its net zero roadmap last year. “We are moving forward confidently on net-zero carbon and are beginning to see the green shoots of evidence that there is a real value equation emerging, so we are looking to take the lead,” she said. Sustainability initiatives are increasingly important as staff return to offic-

es: “It’s about looking at what kind of office buildings people expect to see.” And that, she said, includes access to amenities, the right environment and being tech-enabled.“ We are seeing the majority of occupiers running a hybrid model, looking at the office environment in a very different way. They want to give staff something valuable to come in for, so it’s about offering an omnichannel environment that blends office and home. Occupiers are looking to landlords to help them deliver.” Nuveen is focusing its net-zero approach on offices first to ensure they are fit for the future. Other asset classes, such as logistics, alternatives and living are easier to adjust, Dean said. “The green agenda plays well in those areas — for instance logistics have large flat roofs so there’s a real opportunity to put solar panels on those buildings. We feel confident that we can adapt the logistics and alternatives portfolios at pace.”

THE PANEL for the Changes In Tomorrow’s Cities In The Face Of 21st-Century Challenges conference, sponsored by RATP Group, looked at the ways that cities would have to adapt, including changes to public transport, car parking, housing and sustainable building. Pictured are: William Rosenfeld, CEO, Zenpark (left); Laurianne Rossi, National Assembly member for Hauts-de-Seine; Catherine Guillouard, group chairwoman and CEO, RATP Group; Guillaume Poitrinal, co-president, Woodeum; Robin Rivaton, director of investment and author, Eurazeo; and Gilane Barret, journalist, La Coaching Agency.

Henderson Park’s Mosse-Zentrum flagship refurb AS PART of a valueadd strategy, private equity real estate firm Henderson Park has acquired the historic Mosse-Zentrum office building in central Berlin from Real IS, the real estate investment management arm of Bavarian Landesbank.

The historic Mosse-Zentrum office building in central Berlin.

Originally constructed in the early 1900s, it once served as the printing house and offices for the Berliner Tageblatt newspaper; Henderson Park said it is planning a refurbishment of the 37,000 sq m building to create a sustainable flagship workspace. Mosse-Zentrum is located adjacent to the new Axel Springer headquarters in the Berlin Mitte central business district – which currently has a vacancy rate below 2% – and a central focus of Henderson Park’s asset management and investment strategy will be targeting a minimum LEED Gold certificate. Plans also include refurbishing the lobby and historic facade, upgrading exterior areas and creating communal hubs and co-working spaces, plus additional food and beverage.

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Green plan for oil HQ Liverpool landmark for sale with €100m price tag THE TRANSFORMATION of the former Petrofina headquarters in Brussels’ Leopold district by Assar Architects, named The First and set to open in March 2023, aims to respond to recent changes in working practices, as well as implementing stringent environmental standards. The development, by Eaglestone and The First SA, part of Union Investment Institutional, the property

investment arm of Frankfurt-based DZ Bank, will add two levels to the existing six, providing 7,445 sq m of offices, plus 870 sq m for service providers and 239 sq m for a cafe/catering operator. The new floors will also provide a landscaped terrace. Green electricity will be provided by solar facades and roofs, and the heat from the Verizon data centre will help heat the building.

The First in Brussels’ Leopold district

Tritax in logistics deal The Roosendaal logistics centre

TRITAX Eurobox, the UK-based logistics investment company, has conditionally agreed the acquisition of a €144.26m prime logistics asset in Roosendaal, the Netherlands, from Logistics Capital Partners (LCP), one of Tritax Eurobox’s main development and asset management partners. The asset is pre-let to a top-four global discount supermarket retail group. With rapid connections to the ports of Rotterdam, Antwerp and Amsterdam, the asset will be divided into three units, built in three phases. Phases one and two are finished, with completion of phase three in April 2023. It will have a total net rentable area of approximately 113,179 sq m built on a total site area of approximately 210,488 sq m. As LCP is considered as a related party to Tritax Eurobox under the Listing Rules, the acquisition is subject to approval by Tritax Eurobox shareholders.

THE WORLD-famous Royal Liver Building on Liverpool’s River Mersey waterfront is to be sold for only the second time in its long history. Current owner Corestate Capital has appointed CBRE to dispose of the grade-I listed property, considered an icon of Liverpool, in the north west of England, having acquired it from Royal London in 2017. CBRE is quoting a guide price of €100m. Built in 1911, later upgraded to offer grade-A office space, the Royal Liver Building is the Liverpool base for a number of high-profile companies including HSBC and Everton Football Club. CBRE Investment Properties executive director Colin Thomasson said: “We are truly honoured to be mandated to sell the Royal Liver Building, the most recognisable office building in the north of England and an icon on the global stage.”

The Royal Liver Building on Liverpool’s waterfront

Skanska cuts carbon in London scheme CONSTRUCTION and development firm Skanska UK has agreed a deal to deliver a 43,700 sq m mixeduse green build in central London for specialist office fund Welput. The contract, worth £235m (€280m), will see Skanska develop the primarily office-led space, with some ground floor retail units, in Victoria, in central London. The building will be rich with green features and sustainable innovations with a focus on carbon reduction, including in the engineering and mechanical methods employed

in the construction. Skanska and Welput aim to exceed requirements set out in the Royal Institute of British Architects (RIBA) 2030 sustainability targets, and various other standards, including the UK Energy Performance Certification, and the WELL Platinum certification. Work will begin in the third quarter of 2022, and is scheduled to be completed in the second quarter of 2026. The Welput fund is managed by BentallGreenOak(BGO).

MIPIM NEWS 2 • 51 • MARCH 16, 2022

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Savills says bright future is in store for serviced sector THE SERVICED apartment asset class is set for a strong growth period with European supply levels due to soar over the next three years, a report by Savills predicts. Investors have become increasingly aware of serviced apartments, drawn by the relatively steady cashflow and

operational resilience they offer, a factor highlighted by the volatility of the pandemic, according to Savills. Despite this investment, volumes in 2021 were significantly down compared to the previous year, which Savills says is largely due to a shortage of stock.

Savills’ Richard Dawes

In 2021 the sector accounted for €496.6m of deals, down 42.9% compared to the same period in 2020. The UK accounted for almost half of all the deals in 2021 by value, with 47%, followed by Germany and France at 18.4% and 17.3% respectively. The most growth in terms of supply is also in London, where some 3,000 units are slated for development. If all those in the pipeline are completed, London’s supply of serviced apartments will grow by 26.7%. The report also shows that regional cities and emerging destinations are showing strong growth in supply. Richard Dawes, director, EMEA Hotels, Savills, said: “Serviced apartments are continuing to prove popular with investors. “The leaner cost structure coupled with the relative operational resilience during the pandemic have emphasised the sector’s less volatile cashflow, relative to the wider hotel space and potential for tighter yield dynamics going forward. “Looking ahead, the market fundamentals are looking extremely positive.”

European lettings spree for Cain INVESTMENT firm Cain International has agreed nearly 47,000 sq m of lettings in the last year across assets held in its European Real Estate Opportunity Fund I (EREO I). Alongside its joint venture partner, FREO Group, Cain has agreed the first letting at 80,400 sq m office development Koryfeum in Munich for an 11-

year lease for 4,200 sq m with IT service provider Bechtle, which is due to take occupancy in April next year. In Warsaw, Cain and local partner White Star Real Estate agreed an 1,800 sq m lease with energy services group Engie at PZO, a 25,000 sq m mixed-use scheme in Warsaw’s Praga district. This follows completion of sales of the project’s resi-

Bechtle has signed a lease at Cain International’s development at Koryfeum, Munich

dential element of 120 apartments, plus a 13,500 sq m lease to ZTM, the capital’s public transport authority. In Krakow, Cain and White Star have agreed a 7,221 sq m lease with 4F at The Park Krakow. Cain International has also agreed nearly 20,000 sq m of leases across its Spanish portfolio. Richard Pilkington, senior managing director and head of European real estate, said: “Quality and location have always been fundamental, but as we enter the age of hybrid working, they have never been more important.” Cain International and FREO were advised by BNP Paribas Munich, Graf Real Estate and GSK Munich. JLL, CBRE and Nuvalu PL advised Cain International, FREO Group and White Star Real Estate on The Park Krakow, Koryfeum and PZO respectively.

Ateliers du Parc added to fund’s Paris portfolio

The Ateliers du Parc office campus in northwest Paris

CCP 5 L.L, a fund managed by real estate investor Tristan Capital Partners, has acquired the iconic Ateliers du Parc office campus in northwest Paris from Deka Immobilien Investment for approximately €175m. The property, located on its own street block, comprises four office buildings delivering 32,600 sq m of grade-A workspace, situated opposite an attractive 2.4 hectare park square. The buildings are 80% let to Amazon and Simone Perele. Thibault Ancely, managing director, investments, at Tristan Capital Partners, said: “Les Ateliers du Parc further strengthens our portfolio in Paris, delivering high-quality, amenitised office space in an urban location.” Ancely added: “This transaction is our 10th over the last 18 months, taking our assets under management in France to around €1.2bn across office, logistics and retail, and we are actively assessing opportunities to grow our portfolio.”

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Spacemade on track to open 50 flexible work spaces across UK SPACEMADE Group, which partners with landlords to create individual branded and designed spaces to encourage

flexible working , is planning 50 locations in the UK over the next three years. The company currently operates

Spacemade’s Jonny Rosenblatt

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STAM buys into first CO2-neutral district of Paris CORESTATE subsidiary

100,000 sq ft (9,290 sq m) of STAM Europe has space spread across six locations acquired the Tribu office in London and Leeds. In the building from real estate next month, it will announce a developer Linkcity. It third city deal with a major inmarks a forward purchase stitutional fund and open new of the first phase of sites in Wimbledon and Crickdevelopment project Ilot lewood in London. In addition, Fertile - Triangle Eole 100,000 sq ft of space will open Evangile, the first district this year, doubling the number in Paris to commit to of locations to 12. carbon neutrality within Spacemade co-founder Jonny 10 years. The purchase Rosenblatt said the portfolio is placed within the included a mix of city-centre company’s Madeleine and suburb locations and that Fund. Situated in the 19th target cities would include Brisarrondissement, Tribu will tol, Birmingham and Manchesconsist of 7,000 sq m of ter, as well as further expansion flexible office space. Ilot in London. “For us, this shift Fertile includes an urban to flexible working has continlogistics base, shops, ued apace,” he added. “ We are residential, a youth hostel the major player in the market and an urban sports for landlords to deliver flexible centre. space.” 063_OCORIAN_ N2&amp;_ QUART DE PAGE_PIM

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IMMOBILIEN MAGAZIN

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Gateway to the Austrian Real Estate Market The

IMMOBILIEN MAGAZIN Immobilien Magazin is the leading B2B magazine covering Austria's real estate market. Read by 9 out of 10 market professionals, we reach all the right industry players. If you are interested in taking advantage of Austria's business potential, Immobilien Magazin is the gateway to connecting with prospective clients and partners. Georg Panholzer, Publishing Director +43 1 25 254-10 I g.panholzer@imv-medien.at www.immobilien-magazin.at

news

TakeAir’s new COVID-killing tech could prove to be a game-changer BELGIAN biotech firm TakeAir has unveiled a ground-breaking new Biospheric Air Treatment technolog y that kills airborne

viruses like COVID-19 in buildings. Under an agreement with CBRE Investment Management, TakeAir’s technolog y

TakeAir’s Jo Pannecoucke

said the implementation of TakeAir and the scientific studies being undertaken underline its approach towards sustainability and commitment to ESG best practices. Hans Staal, director of projects NL at CBRE Investment Management, explained that the partnership “provides us with a unique opportunity to explore and test the technolog y in real time.” Research undertaken by TakeAir’s partnering laboratory Avecom, and its own research body TakeAirLabs, has demonstrated that the technolog y shows great effectiveness in capturing and killing airborne pathogens including viruses. Pannecoucke said: “Biospheric Air Treatment will help the world re-open again after COVID-19, help everyone that inhabits buildings to feel happy and safe about their indoor air, and will prepare the world for the next pandemic.”

is now being assessed as part of a research programme at the Nieuw Amsterdam building in Amsterdam, which is part of the CBRE Dutch Office Fund. Jo Pannecoucke, founder of TakeAir, said: “This discovery could have a transformative effect on the global fight against COVID-19. It could help to facilitate a return to normality internationally by allowing commercial buildings to re-open with proven technolog y that kills airborne virus particles. It could help buildings that have been closed during the pandemic — such as cinemas, theatres and concert halls — to be the safest and healthiest possible environment.” CBRE Investment Management

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Serviced living may outstrip hotel sector, says Widmann THE SERVICED living sector could become a larger real estate investment class than the hotel market within the next two years, according to Michael Widmann, managing director and global CEO of Vienna-based PKF Hospitality Group. While Widmann said that the hotel sector is already looking beyond the impact of the pandemic, despite the current uncertainty caused by the war in Ukraine, he believes that assets from senior living to branded residential and aparthotels have the potential to overtake hospitality by investment volume. “I have never seen a trend as strong,” he said. “While the most popular types of living options vary — for example senior living in China, branded residences in Dubai or student accommodation in Europe — this is a worldwide phenomenon,

and for me it’s quite amazing.” Widmann pointed to the growing desire for the combination of urban living with good amenities and said that younger generations especially are prepared to balance less space for a better location and more services, especially as the prospect of buying in urban positions has become cost-prohibitive in many cities. “For many younger people the idea of suburban living is not so enticing, but they are prepared to trade to smaller apartments if they are in the right place and have the facilities and services, such as delivery or laundry for example, that make their lives easier and simpler,” he said. Widmann stressed that serviced living covers a wide range of living options, also including co-living, student accommodation and staff residences as he said the

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sector was “at a crossroads” in terms of its growing appeal to investors. “Who would have thought that staff living would become an asset class?” he said, as he pointed to the need to provide residential options for employees working in remote resorts or in expensive urban locations, particularly as global staff shortages impact many businesses.

Michael Widmann, PKF Hospitality Group

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Ardian sharpens focus on office space with Ritterhof acquisition PRIVATE investment house Ardian has signed a deal to acquire Berlin’s Ritterhof building, an office and administrative com-

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plex located at Ritterstrasse 11 in Berlin-Kreuzberg, from an undisclosed seller. It marks Ardian Real Estate’s

The historic Ritterhof office building

fourth investment in Berlin and its eighth across Germany. The value of the deal was not disclosed. Built during 1905 and 1906, the architectural monument is one of the few surviving historical buildings in Berlin’s former ‘export quarter’, or ‘Rollkutscherviertel’ which was named after the high volume of horse-drawn carriages once used to transport goods. The property comprises around 13,000 sq m of rentable space, around a third of which was recently leased by the finance and business portal Wallstreet Online. The remaining space will be let following the completion of extensive improvement works, including upgrading the building’s courtyards and common areas.

“We expect to see continued demand for office space in Berlin that meets the needs of a changing work world and fulfils high sustainability standards,” said Nico Rheims, managing director of Ardian Real Estate. “The Ritterhof building complex is therefore an ideal fit for the investment strateg y of our second real estate fund, AREEF II, which recently closed and through which we are investing into office buildings with the potential for strong rental and value growth in Europe’s core cities.” Ardian Real Estate’s investment focus is on office properties in major European cities in Germany, France, Italy and Spain, where it is already active through various direct investments. Ardian is targeting commercial properties — in particular, office buildings and mixed-use properties in inner-city locations — with an average of more than €100m in the Core Plus and Value Added segments.

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Pacaso takes luxury residential to Ibiza, London and the Cotswolds PROPTECH firm Pacaso, which enables individuals to co-invest in luxury residential properties, has announced that it will expand into new markets later this year. The company launched its first European operation in Marbella, Spain, in November last year, but has now said that it will extend its services into new

locations, including Ibiza in Spain, and London and the Cotswolds in the UK. Pacaso was first set up in the US in 2020 and now operates in 30 markets across the country. The company has grown from 30 employees in 2020 to more than 200 and is now valued at €1.3bn. Razor Suleman, president at Pacaso Global, said: “Our strategy, to make

Solar deal is set to power 300,000 households in Spain VIRIDI RE and Solar Ambition, a subsidiary of Green Enesys Group, has sold a portfolio of solar power projects in Spain to Aquila Capital. Once in operation, they will generate sufficient energy to fully power around 300,000 households, reducing their carbon footprint by over 390,000 metric tons of CO2 emissions each year. Andrew Wojtek, head of investment management at Aquila Clean Energy EMEA, said: “The agreement marks another step in our commitment to generate clean energy and contribute to reaching a net-zero carbon economy.”

luxury second-home ownership more attainable across locations in the US and Europe, has been very successful.” He added: “To continue on this exciting growth, we are looking to expand into the desirable European real estate market and introduce our platform to one of the world’s largest second-home ownership demographics.”

A Pacaso property in Marbella, Spain

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For a successful RE investor, it is crucial not only to stay up to date with the latest trends, but also to surround oneself with industry leaders. I have participated in BREIF both as a speaker and as a participant, and both endeavors resulted in fruitful partnerships. At this event, my team and I have made contacts that helped us pursue ground-breaking developments in hotel and student housing areas. Undoubtedly this is an opportunity not to be missed for any RE enthusiast.

The real estate market is about so much more than bricks and mortar. It’s a people business at its core and BREIF is undoubtedly the most important event of the year for key players in the Baltics to come together, exchange ideas and challenge each other.

Marius Jakulis Jason

Lars Christian Berger

LAWYER, INVESTOR, PHILANTHROPIST (LITHUANIA)

CEO AT BALTIC SEA PROPERTIES AS (NORWAY)

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CTP offers €10m to UNHCR in response to refugee crisis CEE-FOCUSED logistics and industrial real estate developer CTP has committed €10m to the UN refugee agency UNHCR to provide humanitarian support for the more than two and a half million people who have fled the war in Ukraine into neighbouring countries. The company is also offering financial support and vacant warehouse space to local relief agencies for emergency supplies at its parks in Hungary, Romania, Slovakia and the Czech Republic, where CTP is opening the doors of apartments at one of its residential developments and providing hotel accommodation. Remon Vos, CEO at CTP, said: “We are supporting UNHCR’s important work in this catastrophic humanitarian crisis and our thoughts go out to the many

innocent people affected. CTP’s widespread network of logistics and industrial parks in the countries neighbouring Ukraine also means we have the physical and financial resources on the ground to immediately step up and deliver support at scale to where it is urgently needed.” UNHCR is seeking to provide safety and shelter, as well as legal services, psycho-social support and multipurpose cash assistance among other aid to refugees. CTP’s actions include financial support for various local organisations across CEE, including offering hotels and warehouse space. Added Vos: “We know that the private sector plays a key role in stepping up and helping refugees in this emergency, and at CTP we are proud to play a part.”

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MiddleCap’s Jurdak: outdated rules are blocking sustainability

MiddleCap’s Tomas Jurdak

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REAL ESTATE-focused investment group MiddleCap has established a strong presence in the UK, German, Czech and Slovakian commercial and residential markets. Speaking to MIPIM News, the company’s head of real estate, Tomas Jurdak, said his primary focus was to “move the standard of buildings forward in terms of innovation and sustainability. That’s one of the great things about coming to the market — there are so many people talking about solutions.” Jurdak added: “We meet a lot of the same people that we meet away from the market. But bringing them all together in a less formal situation generates new ideas that allows us to take the next step.” On sustainability, he said “there has been real action in last five years. In that time, we have seen the amount of

carbon that buildings emit drop from 1,200kg per sq m to 600kg.” While that represents great progress, he warned there was still a long way to go. “The lowest we could go right now is 580kg per sq m, but the UK target for 2030 is 300kg. So we need to keep pushing hard on research.” One thing that could make a difference, he said, would be a more flexible regulatory framework: “There’s a disconnect between regulation and global issues like sustainability and demography. There are things that could be done right now to improve buildings, but the regulations are years behind.” Jurdak said MiddleCap was keen to stay focused on its core territories “but I could see us expanding our activities across them. There are opportunities outside London, for example, or beyond Berlin into Germany’s top 10 cities.” Summarising MiddleCap’s key difference, Jurdak said: “It is our focus on innovation. We have a flat management structure which means we can act with agility, whereas big organisations are not that flexible.”

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Kajima’s firm foothold in Europe driven by strategic partnerships JAPANESE construction giant workers and communities,” HarKajima has established a strong court said. “But in terms of the presence in Europe as a developer commercial implications of the and investor in the built environ- war, the issue of inflation is clearly a consideration.” ment. But it is a lean operation that Daniel Bumpstead, Kajima’s head prefers to forge strategic part- of European investments, agreed, nerships rather than take on but stressed that vibrant markets unwieldy overheads, according like Poland “are still a priority, to John Harcourt, managing di- because GDP growth in Eastern rector of Kajima Properties (Eu- Europe is still much higher than rope). “That’s why coming to in Western Europe”. MIPIM is so important for us,” By sector, Harcourt said student he added. “It’s an opportunity to housing remains an attractive reconnect with our existing part- proposition, but added that Kaners and explore new alliances jima also sees opportunities in across Europe.” logistics and renewables. Kajima’s European activities Asked about ESG (environment, stretch from Central and Eastern social and governance), Harcourt Europe to the UK, so the Ukraine said he was particularly interested crisis is clearly a concern. “We’re in “the ‘s’. I think public-private doing whatNEWS_N2&amp;3_PIM we can to support our partnerships could play a major 040_CF

role in the kind of levelling-up agenda that the UK government

is focused on. There’s a real opportunity in revitalising the public estate to the benefit of communities.” He cited a development at Springfield Hospital in London, where an old NHS site is being upgraded as a state-of-the-art facility with housing and a park.

Kajima Europe’s John Harcourt (left) and Daniel Bumpstead: exploring new alliances in Cannes

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Feature: PROPtECH

Property’s trojan horse As cybercriminals become more sophisticated and adept, property firms which own and manage smart buildings packed with hackable technology could be particularly vulnerable, Ben Cooper reports IN MAY 2021 Jason Pellegrino, chief executive of Australian proptech firm Domain, issued a statement no boss ever wants to make. It began: “We have identified a scam that used a phishing attack to gain access to Domain’s administrative systems to engage with people who have made rental property enquiries. “We understand the scammers then contacted some of these people by email to suggest that they pay a ‘deposit’ to secure a rental property on a website nominated by the scammer.” Transpose a threat like that to the global marketplace, the domain of the world’s biggest property firms, where huge real estate deals mean huge sums of money being

transacted, and you’re talking catastrophic losses if security is breached. And phishing attacks like these — the sort that any chief information security officer, or CISO, will be all too familiar with — are only the beginning of the problem when it comes to real estate and cybersecurity. As developers, owners or managers of modern and increasingly ‘smart’ buildings, property companies have become in effect the gatekeepers of the security within. For a modern office building, satisfying modern occupier requirements means offering a plethora of networks and devices, all connected and interconnected to the wider internet of things. “Buildings today are facing ever

The technology driving today’s real estate is both the source of its strength — and a potential weakness

greater demands: digitisation, sustainability and efficiency are the current challenges facing the real estate industry. A smart building seeks to link those in an intelligent and digital way,” says Johannes Fuetterer, CEO of smart-building management platform Aedifion. However, for hackers, who scour a wider system for weaknesses and chinks, the larger a company, and the more complex its IT system becomes, the greater the vulnerability of its critical networks. Building management systems are almost all now internet-enabled, meaning everything from the day-to-day office — the lighting, the door locks and the air conditioning — to the more vital and sensitive tools — CCTV, the company’s servers, confidential personnel and financial data — are at the same time far more efficient to their users, and more accessible to malign actors.

It’s a complex and constantly-altering trade-off that Sylvain Thouzeau, business performance manager at Savills France, says needs to be brought to the forefront of all real estate firms’ strategic thinking. Thouzeau says: “It is a

“You have to make sure the cybersecurity team in your organisation is expanding its operations, and you have to have a very good wall around your properties” Robbert Heekelaar

critical risk for the asset, its developer, landlord and for all organisations which occupy the asset.

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Feature: PRopTECH

Prologis’ Robbert Heekelaar

“It can create some serious reputational impacts and brand damage. The impacts of data hacks are more likely to directly affect the tenants, but landlords can potentially be liable if the origin of the breach was coming from one of their building systems. “So, investors should be very mindful of this risk and make sure

that it is managed as best as possible and fully covered. But in the meantime, they need to balance that with the huge benefits and efficiencies that smart buildings bring, potentially leading to a value increase of their asset.” This necessary balance, between offering the most advanced, attractive facilities in a building and

shielding those systems to cyberattacks, is now a permanent factor in the design, sale and management of real estate. Add to this the increasing acceptance of working from home, on private wi-fi networks and without the close supervision of on-site CIS teams, and the seriousness of the situation is painfully clear. Appropriately then, cybersecurity will feature heavily in the wider conversation at MIPIM this year. Among those leading those conversations will be global logistics player Prologis, which opened the ground-breaking high-tech Prologis Labs facility in California in 2019. With the need for strong, agile security within real estate ownership and management greater than ever before, Prologis vice-president for IT Architecture & Emerging Technologies, Robbert Heekelaar, says that all real estate companies should ensure they have a dedicated cybersecurity team in place to take on the hackers. He adds: “What’s changed is that landlords and real estate companies are moving more and more towards putting more devices into

buildings, and if you do that, they can talk to whomever, and that makes the cybersecurity area way bigger. The playing field has increased big-time. “You have to make sure the cybersecurity team in your organisation is expanding its operations to cover the properties. You have to have a very good wall around your organisation. That’s what our cybersecurity team is constantly doing. They’re evolving on a monthly basis. “What I’d say to a property is that I’d make them aware that every device that is extracting data from a property is something that can be breached. It’s about training these people and being aware that what’s valuable to them is also a risk.” If the experience that Domain’s chief executive went through last year is not going to become more common in the real estate industry, the warnings it carried must be heeded. In an industry where big deals, big data and big reputations are at stake, the risk posed by hackers is too great to ignore.

Companies face a plethora of sophisticated threats from hackers. Some of the most common, and most serious out there include: Malware: Infecting a system with viruses, bots or spyware to steal important data. Phishing attacks: Tricking a user into believing that they are communicating with a verified colleague or third party to gain confidential information from them.

Savills France’s Sylvain Thouzeau

Ransomware: Transmitted to a system via a spurious email link, renders vital functions inoperable until a ransom payment is made. Distributed denial of services (DDoS): Allows hackers to penetrate devices within smart buildings to steal data, or shut down whole services. Business email compromise (BEC): Illegal surveillance of employees or third-party (such as property agents’) email, usually with the intention of tricking the user into wiring money to a designated account. SQL injections: Penetrating data-driven services and applications and inserting code capable of lifting confidential information from the system.

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Feature: iNvESTING IN iTALY

Attracting the crowds Political stability and a raft of imaginative urban initiatives in cities across Italy are making the country one of Europe’s smartest investment options, says Mark Faithfull

rban regeneration, especially in Italy’s north, is driving a fresh focus on the investment case for the country’s cities and the opportunities for mixed use redevelopment. Unusually in the current climate, that still includes retail-led opportunities. Investment volumes grew 14% by the end of 2021 compared with the previous year according to CBRE Italy, which is quick to point out that transactions were delayed by the pandemic and that a “significant recovery” is now under way across real estate asset classes. Logistics rose to top spot by investment volumes and the sector is experiencing significant product diversification, with new investors entering the Italian market, particularly international institutional investors. Interest is shifting towards new locations because of a lack of product in the major markets. CBRE believes Italy could also play a leading role in the hotels sector, partly because of recent growth in the re-

sort segment, with Italy offering Europe’s largest stock of rooms. While investment volumes in the office market dropped substantially, a more recent upturn in take-up suggests a bounce-back is under way, while residential is consolidating and starting to attract more interest, though it still lags the levels found in much of the rest of Europe. Recovery in the retail sector is likely to be slower, but development remains active and Italy offers good opportunities and attractive yields. Not surprisingly, much of the

A new stadium for Milan’s top-flight clubs is expected to create a cathedral to football

focus is on Milan. And in a football-mad country still basking in Italy’s victory at the Euros last summer, little surprise that the scheme capturing the city’s imagination is the planned redevelopment of the San Siro, home to AC Milan and Inter Milan, with a new 60,000-seat shared home. Dubbed the Cathedral, the Populous-designed stadium will be a rectangular structure wholly encased by vertical fins that support an “elegant glass facade,” which will anchor a larger sports and leisure district within the San Siro

Milano Santa Giulia will offer dynamic mixed-use districts

neighbourhood in northwest Milan, featuring around 22 acres of green space, 40% of the total redevelopment zone. The new district will be entirely car-free. Two key schemes are being developed by Lendlease, which has established a long-term strategic partnership with Canadian pension investment manager PSP Investments for the €2.5bn development of urban regeneration project, Milano Santa Giulia, in Milan. Covering more than 110 ha in the southeast of Milan, it is split into two distinct areas to the north and south of a new mixed-use development with the potential for 2,500 homes alongside an office, retail and entertainment district. It is only a 10-minute drive from Milano Linate international airport. The scheme will provide facilities for over 1,500 students, new schools and a museum. Milan’s largest multi-function 16,000-capacity indoor arena will be built to the north of the site and used as a venue during the Milano Cortina 2026 Winter Olympics.

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Feature: INVESTING IN ITALY An even larger project is taking place six years after Milan’s World Expo closed its doors to visitors, with the transformation of the area into a sustainable, post-pandemic technology centre. The €4.5bn MIND (Milano Innovation District) redevelopment of one of Europe’s largest vacant plots includes research labs, a startup accelerator and a science campus. Housing and work space for 60,000 people, including accommodation for 3,000 students, will be connected by one of the longest linear parks in Europe along the main ‘decumano’ — a reflection on the east-west corridor in the city planning of ancient Rome. With the objective to become a landmark for green urban planning, the district will be completely powered by renewable energy and will be car-free, with access provided by high-speed rail and Milan’s public transport system — a second metro station will be operational by 2025. To limit waste, some of the old pavilions will be refurbished, while the material of those demolished will be 98% recycled. Timber has been chosen as the main structural material for the office buildings. “Milan had the properties of what we believe is a gateway city, where key business thrives,” says Tony Lombardo, CEO of Lendlease. Meanwhile, Ceetrus Italy is to invest at least €2.5bn in a five-year plan across Italy, including Merlata Mall, a complex consisting of two buildings that extends over an area of 70,000 sq m in the heart of Milan’s first ‘urban smart district’, adjacent to the AreaExpo. Along-

side the retail offer, Merlata Mall will host entertainment based on virtual reality, sports activities and digital art as well as food and beverage, located along a covered boulevard illuminated by natural light. Not far away, in Turin — which in May will host the 2022 Eurovision Song Contest after Italian rockers Maneskin won the competition last year — RES-Real Estate Strategist is developing the To Dream urban district project, covering an area of 270,000 sq m. Designed by L22, it will combine

The project’s green credentials will be underlined by pedestrian and cycle paths, ample green spaces, green roofs and electric vehicle-charging stations. Underlining the ongoing interest in high-street retail, in December Moschino became the first brand to take space at Spiga 26, owned by Hines in a joint venture with a

yard, a 3,000 sq m space dedicated to a new ‘experiential concept’ for high-street retail, and upper floors to be converted into offices. “With Spiga 26 we aim to create a space with a unique identity in the retail world, an experiential space characterised by the cross-pollination between fashion, design, culture, food and business, on a

The Eurovision success of Italian rockers Maneskin has contributed to the country’s upbeat mood

‘‘Milan had the properties of what we believe is a gateway city where key business thrives’’ Tony Lombardo

shopping, leisure, services, offices and hospitality, including a fourstar hotel located besides the new Michelin headquarters, as part of an urban park concept. Meanwhile, Aedes SIIQ is developing the Caselle Open Mall, with what it describes as a “radically innovative” 114,000 sq m GLA open-air concept in metropolitan Turin. The Urban Gallery and the Premium Area are at the heart of the project, while a ring of outside retail and some large units complete the retail offer.

Dutch pension fund manager, as it prepares to open a three-floor, 600 sq m boutique within the historic Palazzo Pertusati, Milan. Hines invested in the late 18th-century historical building through a real estate fund managed by Savills Investment Management. The 13,000 sq m mixeduse building is located in the heart of the fashion district and includes an interior green court-

historic street,” says Mario Abbadessa, senior managing director and country head, Hines Italy. With so much urban regeneration, Italy’s cities look set to provide the main vehicle for driving international capital opportunities post-pandemic, with Milan especially ready to be reshaped with a futuristic vision towards technology, life centres and sports.

Merlata Mall is expected to offer a raft of digital entertainment options

MIPIM NEWS 2 • 85 • MARCH 16, 2022

Daily 1_Italy Feature+D.indd 2

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